Smart spending tips for travelling abroad

It is important to be well-prepared before departure if you wish to have an enjoyable trip. Remember to be financially prepared for a delightful spending experience.

• Exchange foreign currency: Remember to prepare foreign currency in cash before departure. In addition to exchanging foreign currency at exchange shops or bank counters, foreign currency ATMs located at MTR stations and 24-hour Automated Banking Centres are also options for people with a busy schedule. You can directly withdraw cash in the desired foreign currency from your bank account without time constraints of the business hours of exchange shops and banks, and the need to queue up at the counter, which would provide you with higher flexibility. Besides, as exchange rate fluctuates, many banks would offer FX Order Watch for you to pre-set your target exchange rate and amount. The funds will be converted automatically once your target rate is reached, you can then directly withdraw cash in the foreign currency using a foreign currency ATM, saving you time and money.
• Activate Overseas ATM cash withdrawal: Carrying large amounts of cash while travelling abroad is not recommended as it can make you more vulnerable to theft. Also, it will be difficult to retrieve once it is lost and some countries might even have restrictions on how much you are allowed to bring in and out of the country.  So, what can be done to have an enjoyable overseas spending experience while avoiding having too much cash in hand? Apart from using credit cards for overseas spending, we can also activate the overseas ATM cash withdrawal function to withdraw cash overseas via Personal e-Banking, mobile app, Phone Banking or ATMs before departure. Service fee will be charged for each withdrawal subject to the ATM networks.

After all the preparations, you can finally enjoy your journey. But remember to spend wisely while having fun. Here are some tips for you:

• Credit card for overseas spending: Besides paying in cash, credit cards are also commonly used for overseas spending. Apart from overseas transaction fees, overseas cash rebate, credit card exchange rates and regional restrictions should also be taken into consideration when choosing overseas credit cards as to lower the cost for overseas spending. A credit card with a high overseas cash rebate may even cover the overseas transaction fee. You can also keep an eye on the latest credit card offers where you may buy international SIM cards, book hotels or flights at a cheaper price.
• Payment currency for overseas spending: Be aware of the payment currency when you are paying for overseas spending. Pay in the local currency if you can get a better exchange rate.

After the trip, remember to check your spending records and settle the credit card payments on time.

• Settling credit card payment: When you are paying for the bills related to this trip and overseas spending including flight tickets, accommodation and shopping, you can consider flexible payment choice like spending instalment. This will allow you to settle the card transactions by your preferred instalments based on your needs and repayment ability. Some banks may even offer handling fee rebates to provide more financial flexibility.